Gatos Silver (GATO) 10-Q30 Mar 232022 Q1 Quarterly reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2022	Mar. 24, 2023
Document and Entity Information
Entity Registrant Name	Gatos Silver, Inc.
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Mar. 31, 2022
Entity File Number	001-39649
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	27-2654848
Entity Address, Address Line One	925 W Georgia Street, Suite 910
Entity Address, City or Town	Vancouver, British Columbia
Entity Address, Country	CA
Entity Address, Postal Zip Code	V6C 3L2
City Area Code	604
Local Phone Number	424-0984
Title of 12(b) Security	Common Stock, par value $0.001 per share
Trading Symbol	GATO
Security Exchange Name	NYSE
Entity Current Reporting Status	No
Entity Interactive Data Current	No
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	true
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		69,162,223
Entity Central Index Key	0001517006
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Amendment Flag	false

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Current Assets
Cash and cash equivalents	$ 5,284	$ 6,616
Related party receivables	630	1,592
Other current assets	2,850	3,558
Total current assets	8,764	11,766
Non-Current Assets
Investment in affiliates	379,818	355,310
Other non-current assets	28	35
Total Assets	388,610	367,111
Current Liabilities
Accounts payable and other accrued liabilities	2,557	1,406
Non-Current Liabilities
Credit Facility, net of debt issuance costs	12,657	12,620
Shareholders' Equity
Common Stock, $0.001 par value; 700,000,000 shares authorized; 69,162,223 shares outstanding as of March 31, 2022 and December 31, 2021	117	117
Paid-in capital	545,311	543,829
Accumulated deficit	(172,032)	(190,861)
Total shareholders' equity	373,396	353,085
Total Liabilities and Shareholders' Equity	$ 388,610	$ 367,111

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2022	Dec. 31, 2021
CONDENSED CONSOLIDATED BALANCE SHEETS
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	700,000,000	700,000,000
Common stock, shares outstanding	69,162,223	69,162,223

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Expenses
Exploration	$ 110	$ 224
General and administrative	6,777	4,853
Amortization	44	7
Total expenses	6,931	5,084
Other income (expense)
Equity income in affiliates	24,614	2,701
Arrangement fees		(506)
Other income	1,146	1,269
Net other income	25,760	3,464
Net income (loss)	$ 18,829	$ (1,620)
Net income (loss) per share:
Basic	$ 0.27	$ (0.03)
Diluted	$ 0.27	$ (0.03)
Weighted average shares outstanding:
Basic (in shares)	69,162,223	59,318,320
Diluted (in shares)	69,309,019	59,318,320

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) $ in Thousands	Common Stock	Treasury Stock	Paid-in Capital	Accumulated Deficit	Total
Balance at Dec. 31, 2020	$ 108	$ (1,027)	$ 409,728	$ (147,423)	$ 261,386
Balance (in shares) at Dec. 31, 2020	59,183,076	144,589
Stock-based compensation			1,078		1,078
Issuance of common stock			1,559		1,559
Issuance of common stock (in shares)	182,453
DSUs converted to common stock (in shares)	43,523
Other			(262)		(262)
Net income (loss)				(1,620)	(1,620)
Balance at Mar. 31, 2021	$ 108	$ (1,027)	412,103	(149,043)	262,141
Balance (in shares) at Mar. 31, 2021	59,409,052	144,589
Balance at Dec. 31, 2021	$ 117		543,829	(190,861)	353,085
Balance (in shares) at Dec. 31, 2021	69,162,223	0
Stock-based compensation			1,482		1,482
Net income (loss)				18,829	18,829
Balance at Mar. 31, 2022	$ 117		$ 545,311	$ (172,032)	$ 373,396
Balance (in shares) at Mar. 31, 2022	69,162,223

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
OPERATING ACTIVITIES
Net income (loss)	$ 18,829	$ (1,620)
Adjustments to reconcile net income (loss) to net cash used by operating activities:
Amortization	44	7
Stock-based compensation expense	1,588	1,139
Other	64	22
Equity income in affiliates	(24,614)	(2,701)
Changes in operating assets and liabilities:
Receivables from related-parties	962	(3,508)
Accounts payable and other accrued liabilities	1,087	(507)
Other current assets	708	579
Net cash used by operating activities	(1,332)	(6,589)
INVESTING ACTIVITIES
Investment in affiliates		(113,823)
Net cash used by investing activities		(113,823)
FINANCING ACTIVITIES
Financing costs		(262)
Issuance of common stock		1,559
Net cash provided by financing activities		1,297
Net decrease in cash and cash equivalents	(1,332)	(119,115)
Cash and cash equivalents, beginning of period	6,616	150,146
Cash and cash equivalents, end of period	5,284	$ 31,031
Interest paid	$ 102

Basis of Presentation

Basis of Presentation	3 Months Ended
Basis of Presentation	Mar. 31, 2022
Basis of Presentation
Basis of Presentation	1. Basis of Presentation Basis of Consolidation and Presentation The financial statements represent the condensed consolidated financial position and results of operations of Gatos Silver, Inc. and its subsidiaries, Gatos Silver Canada Corporation and Minera Luz del Sol S. de R.L. de C.V. Unless the context otherwise requires, references to Gatos Silver or the Company mean Gatos Silver, Inc. and its consolidated subsidiaries. The interim condensed consolidated financial statements are unaudited, but include all adjustments, consisting of normal recurring entries, which are necessary for a fair presentation for the dates and periods presented. Interim results are not necessarily indicative of results for a full year. The financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information. Accordingly, they do not include all financial information and disclosures required by GAAP for complete financial statements and should be read in conjunction with the audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021 (the “2021 10-K”).

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
Summary of Significant Accounting Policies	Mar. 31, 2022
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Significant Accounting Policies The consolidated financial statements for the year ended December 31, 2021, disclose those accounting policies considered significant in determining results of operations and financial position. There have been no material changes to, or in the application of, the accounting policies previously identified and described in the 2021 10-K. Recent Accounting Pronouncements There have been no accounting pronouncements issued or adopted during the three months ended March 31, 2022, which are expected to have a material impact on the financial statements.

Other Current Assets

Other Current Assets	3 Months Ended
Other Current Assets	Mar. 31, 2022
Other Current Assets
Other Current Assets	3. Other Current Assets March 31, 2022 December 31, 2021 Value added tax receivable $ 624 $ 575 Prepaid expenses 2,219 2,976 Other 7 7 Total other current assets $ 2,850 $ 3,558

Accounts Payable and Other Accr

Accounts Payable and Other Accrued Liabilities	3 Months Ended
Accounts Payable and Other Accrued Liabilities	Mar. 31, 2022
Accounts Payable and Other Accrued Liabilities
Accounts Payable and Other Accrued Liabilities	4. Accounts Payable and Other Accrued Liabilities March 31, 2022 December 31, 2021 Accounts payable $ 330 $ 196 Accrued expenses 1,129 623 Accrued compensation 1,098 587 Total accounts payable and other current liabilities $ 2,557 $ 1,406

Related-Party Transactions

Related-Party Transactions	3 Months Ended
Related-Party Transactions	Mar. 31, 2022
Related-Party Transactions
Related-Party Transactions	5. Related-Party Transactions LGJV Under the Unanimous Omnibus Partner Agreement, the Company provides certain management and administrative services to the LGJV. The Company earned $1,250 and $1,250 under this agreement for the three months ended March 31, 2022 and 2021, respectively. The income from these services has been recorded on the statements of operations under other income. In the March 31, 2021 unaudited financial statements filed on Form 10-Q, the management fee was presented as a reduction to general and administrative expense and is now presented in other income to be consistent with the 2021 10-K. The Company also incurs certain LGJV costs that are subsequently reimbursed by the LGJV. The Company received $1,667 and nil in cash from the LGJV under this agreement for the three months ended March 31, 2022 and 2021, respectively. The Company had receivables under this agreement of $417 and $833 as of March 31, 2022 and December 31, 2021, respectively.

Stockholders' Equity

Stockholders' Equity	3 Months Ended
Stockholders' Equity	Mar. 31, 2022
Stockholders' Equity
Stockholders' Equity	6. Stockholders’ Equity The Company is authorized to issue 700,000,000 shares of $0.001 par value common stock and 50,000,000 shares of $0.001 par value preferred stock. Common Stock Transactions On July 19, 2021, the Company completed a follow-on public offering of 8,930,000 shares of common stock at a price of $14.00 per share, resulting in net proceeds of $118,894, after deducting underwriting discounts and commissions. On August 18, 2021, the Company issued an additional 286,962 shares of common stock at a price of $14.00 per share, through the exercise of the over-allotment option, with net proceeds from the additional issuance of $3,837, after deducting underwriting discounts and commissions. Additionally,the Company incurred an additional $1,700 in other costs related to the offering. Stock-Based Compensation The Company recognized stock-based compensation expense as follows: Three months ended March 31, 2022 2021 Stock options $ 1,448 $ 1,139 Performance share units 140 — $ 1,588 $ 1,139 S The Company granted 100,000 stock options during the three months ended March 31, 2022, with a weighted-average grant-date fair value per share of $5.83. The Company received cash from the exercise of stock options of nil and $1,559 for the three months ended March 31, 2022 and 2021, respectively. Total unrecognized stock-based compensation expense as of March 31, 2022, was $9,435 which is expected to be recognized over a weighted average period of 2.0 years. Stock option activity for the three months ended March 31, 2022, is summarized in the following tables: Weighted ‑ Average Employee & Director Options Shares Exercise Price Outstanding at December 31, 2021 5,873,968 $ 13.11 Granted 100,000 $ 10.28 Forfeited (9,751) $ 11.62 Outstanding at March 31, 2022 5,964,217 $ 13.07 Vested at March 31, 2022 3,957,418 $ 14.19 Weighted ‑ Average LGJV Personnel Options Shares Exercise Price Outstanding at December 31, 2021 32,393 $ 7.31 Outstanding and vested at March 31, 2022 32,393 $ 7.31 Performance Share Unit (“PSU”) Transactions On December 17, 2021, 119,790 PSUs were granted to the Company’s employees with a weighted average grant date fair value per share of $14.22. On March 31, 2022, unrecognized compensation expense related to the PSUs was $1,542 which is expected to be recognized over a weighted-average period of 2.7 years. Deferred Stock Unit (“DSU”) Transactions The following table summarizes the DSU activity for the three months ended March 31, 2022: Weighted-Average Grant Date Director DSUs Shares Fair Value Outstanding at December 31, 2021 146,796 $ 10.88 Outstanding at March 31, 2022 146,796 $ 10.88

Net Income (Loss) per Share

Net Income (Loss) per Share	3 Months Ended
Net Income (Loss) per Share	Mar. 31, 2022
Net Income (Loss) per Share
Net Income (Loss) per Share	7. Net Income (Loss) per Share Basic net income (loss) per share is computed by dividing income available to common shareholders by the weighted average number of common shares outstanding during the period. Diluted net income (loss) per share is computed similarly, except that weighted-average common shares are increased to reflect the potential dilution that would occur if stock options were exercised or PSUs and DSUs were converted into common stock. The dilutive effects are calculated using the treasury stock method. For the three months ended March 31, 2022, all stock options have been excluded from the dilutive earnings per common share calculation as the exercise price of these stock options was greater than the average market value of our common stock for those periods, resulting in an anti-dilutive effect. For the three months ended March 31, 2022, all PSUs were excluded from the diluted earnings per common share calculation as the PSUs do not currently meet the criteria for issuance. For the three months ended March 31, 2021, the Company experienced a net loss, thus all stock awards outstanding have been excluded as they are anti-dilutive. A reconciliation of basic and diluted earnings per common share for the three months ended March 31, 2022 and 2021, are as follows: Three Months Ended March 31, 2022 2021 Net income (loss) $ 18,829 $ (1,620) Weighted average shares: Basic 69,162,223 59,318,320 Effect of dilutive DSUs 146,796 — Diluted 69,309,019 59,318,320 Net income (loss) per share: Basic $ 0.27 $ (0.03) Diluted $ 0.27 $ (0.03)

Fair Value Measurements

Fair Value Measurements	3 Months Ended
Fair Value Measurements	Mar. 31, 2022
Fair Value Measurements
Fair Value Measurements	8. Fair Value Measurements The Company establishes a framework for measuring the fair value of assets and liabilities in the form of a fair value hierarchy that prioritizes the inputs into valuation techniques used to measure fair value into three broad levels. This hierarchy gives the highest priority to unadjusted quoted prices in active markets and the lowest priority to unobservable inputs. Further, financial assets and liabilities should be classified by level in their entirety based upon the lowest level of input that was significant to the fair value measurement. The three levels of the fair value hierarchy are as follows: Level 1: Unadjusted quoted market prices in active markets for identical assets or liabilities that are accessible at the measurement date. Level 2: Quoted prices in inactive markets for identical assets or liabilities, quoted prices for similar assets or liabilities in active markets, or other observable inputs either directly related to the asset or liability or derived principally from corroborated observable market data. Level 3: Unobservable inputs due to the fact there is little or no market activity. This entails using assumptions in models which estimate what market participants would use in pricing the asset or liability. Assets and Liabilities that are Measured at Fair Value on a Non-recurring Basis The Company discloses and recognizes its non-financial assets and liabilities at fair value on a non-recurring basis and makes adjustments to fair value, as needed (for example, when there is evidence of impairment). The Company recorded its initial investment in affiliates at fair value within Level 3 of the fair value hierarchy, as the valuation was determined based on internally developed assumptions with few observable inputs and no market activity. For the year ended December 31, 2021, the Company recorded impairment charges associated with the investment in the LGJV, and reduced the carrying amount of such asset subject to the impairment to their estimated fair value. See Note 12 – Investment in Affiliates for additional information on the impairment.

Commitments, Contingencies and

Commitments, Contingencies and Guarantees	3 Months Ended
Commitments, Contingencies and Guarantees	Mar. 31, 2022
Commitments, Contingencies and Guarantees
Commitments, Contingencies and Guarantees	9. Commitments, Contingencies and Guarantees In determining its accruals and disclosures with respect to loss contingencies, the Company will charge to income an estimated loss if information available prior to the issuance of the financial statements indicates that it is probable that a liability has been incurred at the date of the financial statements and the amount of the loss can be reasonably estimated. Legal expenses associated with the commitments and contingencies are expensed as incurred. If a loss contingency is not probable or reasonably estimable, disclosure of the loss contingency is made in the financial statements when it is at least reasonably possible that a material loss could be incurred. Environmental Contingencies The Company’s mining and exploration activities are subject to various laws, regulations and permits governing the protection of the environment. These laws, regulations and permits are continually changing and are generally becoming more restrictive. The Company has made, and expects to make in the future, expenditures to comply with such laws, regulations and permits, but cannot predict the full amount of such future expenditures. Legal On February 22, 2022, a purported Gatos stockholder filed a putative class action lawsuit in the United States District Court for the District of Colorado against the Company, certain of our former officers, and several directors. An amended complaint was filed on August 15, 2022. The amended complaint, allegedly brought on behalf of certain purchasers of Gatos common stock and certain traders of call and put options on Gatos common stock from December 9, 2020 through January 25, 2022, seeks, among other things, damages, costs, and expenses, and asserts claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 as well as Sections 11 and 15 of the Securities Act of 1933. The amended complaint alleges that certain individual defendants and Gatos, pursuant to the control and authority of the individual defendants, made false and misleading statements and/or omitted certain material information regarding the mineral resources and reserves at the Cerro Los Gatos mine. Gatos and all defendants filed a motion to dismiss this action on October 14, 2022. That motion was fully briefed as of December 23, 2022. By Notice of Action issued February 9, 2022 and subsequent Statement of Claim dated March 11, 2022 Izabela Przybylska commenced a putative class action against Gatos Silver, Inc. (“Gatos”), certain of its former officers and directors, and others in the Ontario Superior Court of Justice on behalf of a purported class of all persons or entities, wherever they may reside or be domiciled, who acquired securities of Gatos in both the primary and secondary markets during the period from October 28, 2020 until January 25, 2022. The action asserts claims under Canadian securities legislation and at common law and seeks unspecified monetary damages and other relief in respect of allegations the defendants made false and misleading statements and omitted material information regarding the mineral resources and reserves of Gatos. The plaintiff filed motion materials for leave to proceed in respect of her statutory claims and for class certification on March 3, 2023. The court has tentatively set dates in late March of 2024 for the hearing of the plaintiff’s motions. There can be no assurance that any of the foregoing matters individually or in aggregate will not result in outcomes that are materially adverse for us. Dowa Debt Agreements In July 2017, the LGJV operating entities consisting of Minera Plata Real S. de R.L. de C.V (“MPR”) and Operaciones San Jose del Plata S. de R.L. de C.V. (collectively, the “LGJV Entities”) entered into a loan agreement (the “Term Loan”) with Dowa whereby the LGJV Entities could borrow up to $210,000 for Los Gatos District (“LGD”) development, with a maturity date of December 29, 2027. Interest on the Term Loan accrued daily at LIBOR plus 2.35% per annum, with the interest added to the amount borrowed until commencement of production. During 2018, the LGJV paid Dowa a $4,200 closing fee. Commencing June 30, 2021, repayment of the Term Loan in 14 consecutive semi-annual equal payments of the aggregate principal and capitalized interest began. The Company was required to pay an arrangement fee on the borrowing, calculated as 2% per annum of On July 26, 2021, the Term Loan was repaid in full through capital contributions made to the LGJV by the Company and Dowa in pro-rata amounts equal to their ownership in the LGJV of 70% and 30%, respectively. In conjunction with the repayment, the Company paid a fee to Dowa of $10,000. On January 23, 2018, the LGJV entered into a loan agreement with Dowa (the “Dowa MPR Loan”) whereby the LGJV could borrow up to $65,700 to continue LGD development. Interest on this loan accrued daily at LIBOR plus 1.5% per annum and was added to the amount borrowed. The amount borrowed plus accrued interest was due the earlier of June 30, 2019, or upon the Cerro Los Gatos mine’s substantial completion. If the Company’s 70% portion of the Dowa MPR Loan was not repaid in full on or before the due date, Dowa could elect to convert all or a portion of the principal amount into additional LGJV ownership at a favorable conversion rate. In connection with entering into the WCF (as defined below), the Company contributed $18,200 to the LGJV in May 2019 to provide funding for partial repayment of principal and interest related to the Dowa MPR Loan. In late May 2019, the Dowa MPR Loan was fully extinguished with a cash payment of $18,200 and the conversion of the remaining $50,737 of principal and interest. The conversion of the remaining principal and interest increased Dowa’s ownership in the LGJV entities by 18.5% to 48.5%. On March 11, 2021, the Company repurchased the 18.5% interest from Dowa, for a total consideration of $71,550, increasing the Company’s ownership in the LGJV to 70.0%. These transactions resulted in a $47,400 higher basis than the underlying net assets of the LGJV Entities. This basis difference is being amortized as the LGJV Entities’ proven and probable reserves are processed. On May 30, 2019, the LGJV entered into a working capital facility agreement (the “WCF”) with Dowa whereby the LGJV could borrow up to $60,000 to fund the working capital and sustaining capital requirements of the LGD. Interest on this loan accrued daily at LIBOR plus 3.0% per annum and all outstanding principal and interest was to mature on June 28, 2021. The Company was required to pay an arrangement fee on the borrowing, calculated as 15.0% per annum of 70.0% of the average daily principal amount outstanding under the WCF during such fiscal quarter. On March 11, 2021, the $60,000 outstanding under the WCF was extinguished using funds contributed to the LGJV. The Company’s pro-rata capital contribution to the LGJV was $42,000. The Company guarantees the payment of all obligations, including accrued interest, under the LGJV equipment loan agreements. As of March 31, 2022, the LGJV had $4,059 outstanding under the LGJV equipment loan agreements, net of unamortized debt discount of $10, with maturity dates through August 2023.

Debt

Debt	3 Months Ended
Debt	Mar. 31, 2022
Debt
Debt	10. On July 12, 2021, the Company entered into a Revolving Credit Facility (the “Credit Facility”). The Credit Facility provides for a revolving line of credit in a principal amount of $50,000 and has an accordion feature which at the time allowed for an increase in the total line of credit up to $100,000, subject to certain conditions. Borrowings under the Credit Facility bear interest at a rate equal to either the LIBOR rate plus a margin ranging from 3.00% to 4.00% or the U.S. Base Rate plus a margin ranging from 2.00% to 3.00%, as selected by the Company, in each case, with such margin determined in accordance with the Company’s consolidated net leverage ratio as of the end of the applicable period. The Credit Facility contains affirmative and negative covenants that are customary for credit agreements of this nature. The affirmative covenants consist of a leverage ratio, a liquidity covenant and an interest coverage ratio. The negative covenants include, among other things, limitations on asset sales, mergers, acquisitions, indebtedness, liens, dividends and distributions, investments and transactions with affiliates. Obligations under the Credit Facility may be accelerated upon the occurrence of certain customary events of default. The Company was in compliance with all covenants under the Credit Facility, as amended, as of March 31, 2022. On July 19, 2021, the Company borrowed $13,000 under the Credit Facility at a rate of LIBOR plus 3%. Debt issuance costs of $442 were to be amortized through July 31, 2024, prior to the amended and restated Credit Facility (see terms below). The current balance outstanding on the Credit Facility is $9,000, following a $4,000 principal repayment in December 2022. The Company recognized interest expense of $103, with an effective interest rate of 3.2% which has been recorded on the statements of operations under other income, and $37 for amortization of debt issuance costs, for the three months ended March 31, 2022. The Company paid interest of $102 for the three months ended March 31, 2022. On March 7, 2022, the Company amended the Credit Facility with the lender, Bank of Montreal (“BMO”), to address potential loan covenant deficiencies. The amendment includes the following revisions: ● audited financial statements were to be provided prior to November 15, 2022; ● the credit limit was reduced to $30,000 , until the Company delivers a new LOM Cerro Los Gatos (“CLG”) financial model with updated mineral reserves; ● upon assessment of the new CLG financial model, BMO, in its sole discretion, may increase the credit limit up to the original $50,000 ; ● requirement to provide updated financial projections for the CLG by September 30, 2022. The financial projections were provided by the required date and it was used as the basis for the amendment entered into on December 19, 2022 discussed below; and ● waivers of certain defaults, events of default, representations and warranties and covenants arising out of the facts that led to the potential reduction in metal content of the Company’s previously stated mineral reserve figures. On December 19, 2022, the Company entered an amended and restated Credit Facility with BMO extending the maturity date and re-establishing a credit limit of $50,000, with an accordion feature providing up to an additional $25,000. Key terms of the amended Credit Facility include: ● audited financial statements for fiscal year 2021 are to be provided no later than April 15, 2023, and audited financial statements for fiscal year 2022 and unaudited financial statements for the first three fiscal quarters in fiscal year 2022 are to be provided no later than April 30, 2023; ● the maturity date is extended from July 31, 2024 to December 31, 2025; ● a change in the benchmark interest rate from LIBOR to the Secured Overnight Financing Rate (“SOFR”); and ● loans under the Revolver bear interest at a rate equal to either a term SOFR rate plus a margin ranging from 3.00% to 4.00% or a U.S. base rate plus a margin ranging from 2.00% to 3.00% , as selected by the Company.

Segment Information

Segment Information	3 Months Ended
Segment Information	Mar. 31, 2022
Segment Information
Segment Information	11. Segment Information The Company operates in a single industry as a corporation engaged in the acquisition, exploration and development of primarily silver mineral interests. The Company has mineral property interests in Mexico. The Company’s reportable segments are based on the Company’s mineral interests and management structure and include Mexico and Corporate segments. The Mexico segment engages in the exploration, development and operation of the Company’s Mexican mineral properties and includes the Company’s investment in the LGJV. Financial information relating to the Company’s segments is as follows: Three Months Ended March 31, 2022 Three Months Ended March 31, 2021 Mexico Corporate Total Mexico Corporate Total Exploration $ 110 $ — $ 110 $ 224 $ — $ 224 General and administrative 609 6,168 6,777 154 4,699 4,853 Amortization — 44 44 — 7 7 Arrangement fees — — — — 506 506 Equity (income) loss in affiliates (24,614) — (24,614) (2,701) — (2,701) Net other (income) expense 2 (1,148) (1,146) 14 (1,283) (1,269) Total assets $ 98,788 $ 289,822 $ 388,610 $ 42,197 $ 223,483 $ 265,680

Investment in Affiliates

Investment in Affiliates	3 Months Ended
Investment in Affiliates	Mar. 31, 2022
Investment in Affiliate
Investment in Affiliates	12. Investment in Affiliate During the three months ended March 31, 2022 and 2021, the Company recognized $24,614 and $2,701 of income, respectively, on its investment in the LGJV Entities, representing its ownership share of the LGJV Entities’ results. The equity income in affiliates includes amortization of the carrying value of the investment in excess of the underlying net assets of the LGJV Entities. This basis difference is being amortized as the LGJV Entities’ proven and probable reserves are processed. The Company provided an updated technical report compliant with Regulation S-K subpart 1300 (the “Los Gatos Technical Report”) dated November 10, 2022. The Los Gatos Technical Report indicated a significant decrease in the mineral reserve and mineral resource from the previously issued technical report in 2020. The Company considered this reduction in the mineral reserve and mineral resources as an indicator of a possible other-than-temporary impairment and as a result compared the carrying value of the LGJV on December 31, 2021 to the fair value of the LGJV. The fair value of the LGJV was estimated based on the net present value of the expected cash flows to be generated by the LGJV on 70% basis. The discount rate used was 5.00%. The fair value of the investment in the LGJV was estimated to be $355,310 and the carrying value at December 31, 2021 was $406,874. Since the carrying value exceeded the fair value, an impairment charge of $51,564 was recorded during the fourth quarter of 2021. See Note 8 - Fair Value Measurements for additional detail of the assumptions used in the determination of the fair value of the long-lived assets tested for impairment. For the year ended December 31, 2021, the Company contributed $260,039 to the LGJV to repurchase 18.5% of the ownership of the LGJV, to retire the WCF and the Term Loan and in support of exploration activities. The LGJV Entities combined balance sheets as of March 31, 2022, and December 31, 2021, and the combined statements of income for the three months ended March 31, 2022 and 2021, are as follows: LOS GATOS JOINT VENTURE COMBINED BALANCESHEETS (UNAUDITED) (in thousands) March 31, December 31, 2022 2021 ASSETS Current Assets Cash and cash equivalents $ 41,231 $ 20,280 Receivables 19,396 11,263 Inventories 12,156 11,062 VAT receivable 31,845 46,242 Other current assets 9,434 4,515 Total current assets 114,062 93,362 Non ‑ Current Assets Mine development, net 232,950 229,076 Property, plant and equipment, net 192,940 190,896 Net deferred tax assets 21,623 9,226 Total non‑current assets 447,513 429,198 Total Assets $ 561,575 $ 522,560 LIABILITIES AND OWNERS' CAPITAL Current Liabilities Accounts payable and accrued liabilities $ 35,854 $ 33,179 Related party payable 632 1,609 Accrued interest 27 51 Income taxes 9,965 6,315 Equipment loans 3,855 5,534 Unearned Revenue — 1,714 Total current liabilities 50,333 48,402 Non ‑ Current Liabilities Equipment loans 204 478 Lease liability 313 — Reclamation obligations 14,982 14,706 Total non‑current liabilities 15,499 15,184 Owners' Capital Capital contributions 540,638 540,638 Paid‑in capital 18,219 18,370 Accumulated deficit (63,114) (100,034) Total owners' capital 495,743 458,974 Total Liabilities and Owners' Capital $ 561,575 $ 522,560 LOS GATOS JOINT VENTURE COMBINED STATEMENTS OF INCOME (UNAUDITED) (in thousands) Three Months Ended March 31, 2022 2021 Revenue $ 87,608 $ 46,330 Expenses Cost of sales 25,088 19,805 Royalties 1,494 884 Exploration 2,121 649 General and administrative 2,820 3,246 Depreciation, depletion and amortization 16,342 10,949 Total operating expenses 47,865 35,533 Other expense Interest expense 91 2,117 Accretion expense 276 228 Other income (1,339) (30) Foreign exchange (gain) loss (691) 1,630 Total other (income) expense (1,663) 3,945 Income before income and mining taxes 41,406 6,852 Income and mining tax expense (4,486) — Net income $ 36,920 $ 6,852

Subsequent Events

Subsequent Events	3 Months Ended
Subsequent Events	Mar. 31, 2022
Subsequent Events
Subsequent Events	13. Subsequent Events On March 17, 2022, we entered into a definitive agreement with Dowa to build and operate a leaching plant to reduce fluorine levels in zinc concentrates produced at CLG at an expected construction cost of $6,000. As part of the agreement, the initial payment of the $20,000 due to Dowa under the partner’s priority distribution agreement was reduced to $10,300. The reduced priority dividend amount reflects a portion of both the construction and future estimated operating costs of the leaching plant and is dependent on the successful construction and operation of the leaching plant. Should the leaching plant construction not be completed, or the leaching plant not operate according to certain parameters during the first five years, portions of the $9,700 reduction could be reinstated. In April 2022, the LGJV paid its first dividend of $20,000 to its partners. The Company’s share of the first dividend was $14,000, before withholding taxes of $700. A payment of $7,365 was subsequently made to Dowa to cover the full amount of the reduced initial priority distribution due, for a net dividend received of $5,935. In July 2022 and November 2022, the LGJV paid additional dividends in the amount of $15,000 and $20,000, respectively, to its partners. The Company’s share, after withholding taxes of $525 and $700, respectively, was $9,975 and $13,300, respectively, for the July 2022 and November 2022 dividend payments. On December 19, 2022, the Company entered into an amended and restated Credit Facility with BMO extending the maturity date and re-establishing a credit limit of $50,000, with an accordion feature, as further described above.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
Summary of Significant Accounting Policies (Policies)	Mar. 31, 2022
Summary of Significant Accounting Policies
Significant Accounting Policies	Significant Accounting Policies The consolidated financial statements for the year ended December 31, 2021, disclose those accounting policies considered significant in determining results of operations and financial position. There have been no material changes to, or in the application of, the accounting policies previously identified and described in the 2021 10-K.
Recent Accounting Pronouncements	Recent Accounting Pronouncements There have been no accounting pronouncements issued or adopted during the three months ended March 31, 2022, which are expected to have a material impact on the financial statements.

Other Current Assets (Tables)

Other Current Assets (Tables)	3 Months Ended
Other Current Assets (Tables)	Mar. 31, 2022
Other Current Assets
Schedule of components of other current assets	March 31, 2022 December 31, 2021 Value added tax receivable $ 624 $ 575 Prepaid expenses 2,219 2,976 Other 7 7 Total other current assets $ 2,850 $ 3,558

Accounts Payable and Other Ac_2

Accounts Payable and Other Accrued Liabilities (Tables)	3 Months Ended
Accounts Payable and Other Accrued Liabilities (Tables)	Mar. 31, 2022
Accounts Payable and Other Accrued Liabilities
Schedule of components of accounts payable and other accrued liabilities	March 31, 2022 December 31, 2021 Accounts payable $ 330 $ 196 Accrued expenses 1,129 623 Accrued compensation 1,098 587 Total accounts payable and other current liabilities $ 2,557 $ 1,406

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	3 Months Ended
Stockholders' Equity (Tables)	Mar. 31, 2022
Stockholders' Equity
Schedule of stock-based compensation expense	Three months ended March 31, 2022 2021 Stock options $ 1,448 $ 1,139 Performance share units 140 — $ 1,588 $ 1,139
Schedule of stock option activity	Weighted ‑ Average Employee & Director Options Shares Exercise Price Outstanding at December 31, 2021 5,873,968 $ 13.11 Granted 100,000 $ 10.28 Forfeited (9,751) $ 11.62 Outstanding at March 31, 2022 5,964,217 $ 13.07 Vested at March 31, 2022 3,957,418 $ 14.19 Weighted ‑ Average LGJV Personnel Options Shares Exercise Price Outstanding at December 31, 2021 32,393 $ 7.31 Outstanding and vested at March 31, 2022 32,393 $ 7.31
Schedule of weighted average grant date fair value and total stock based compensation expense	Weighted-Average Grant Date Director DSUs Shares Fair Value Outstanding at December 31, 2021 146,796 $ 10.88 Outstanding at March 31, 2022 146,796 $ 10.88

Net Income (Loss) per Share (Ta

Net Income (Loss) per Share (Tables)	3 Months Ended
Net Income (Loss) per Share (Tables)	Mar. 31, 2022
Net Income (Loss) per Share
Schedule of reconciliation of basic and diluted earnings per common share	Three Months Ended March 31, 2022 2021 Net income (loss) $ 18,829 $ (1,620) Weighted average shares: Basic 69,162,223 59,318,320 Effect of dilutive DSUs 146,796 — Diluted 69,309,019 59,318,320 Net income (loss) per share: Basic $ 0.27 $ (0.03) Diluted $ 0.27 $ (0.03)

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
Segment Information (Tables)	Mar. 31, 2022
Segment Information
Schedule of segment financial information	Three Months Ended March 31, 2022 Three Months Ended March 31, 2021 Mexico Corporate Total Mexico Corporate Total Exploration $ 110 $ — $ 110 $ 224 $ — $ 224 General and administrative 609 6,168 6,777 154 4,699 4,853 Amortization — 44 44 — 7 7 Arrangement fees — — — — 506 506 Equity (income) loss in affiliates (24,614) — (24,614) (2,701) — (2,701) Net other (income) expense 2 (1,148) (1,146) 14 (1,283) (1,269) Total assets $ 98,788 $ 289,822 $ 388,610 $ 42,197 $ 223,483 $ 265,680

Investment in Affiliate (Tables

Investment in Affiliate (Tables) - LOS GATOS JOINT VENTURE	3 Months Ended
Investment in Affiliate (Tables) - LOS GATOS JOINT VENTURE	Mar. 31, 2022
Investment in Affiliate
Schedule of combined balance sheets	March 31, December 31, 2022 2021 ASSETS Current Assets Cash and cash equivalents $ 41,231 $ 20,280 Receivables 19,396 11,263 Inventories 12,156 11,062 VAT receivable 31,845 46,242 Other current assets 9,434 4,515 Total current assets 114,062 93,362 Non ‑ Current Assets Mine development, net 232,950 229,076 Property, plant and equipment, net 192,940 190,896 Net deferred tax assets 21,623 9,226 Total non‑current assets 447,513 429,198 Total Assets $ 561,575 $ 522,560 LIABILITIES AND OWNERS' CAPITAL Current Liabilities Accounts payable and accrued liabilities $ 35,854 $ 33,179 Related party payable 632 1,609 Accrued interest 27 51 Income taxes 9,965 6,315 Equipment loans 3,855 5,534 Unearned Revenue — 1,714 Total current liabilities 50,333 48,402 Non ‑ Current Liabilities Equipment loans 204 478 Lease liability 313 — Reclamation obligations 14,982 14,706 Total non‑current liabilities 15,499 15,184 Owners' Capital Capital contributions 540,638 540,638 Paid‑in capital 18,219 18,370 Accumulated deficit (63,114) (100,034) Total owners' capital 495,743 458,974 Total Liabilities and Owners' Capital $ 561,575 $ 522,560
Schedule of combined results of loss	Three Months Ended March 31, 2022 2021 Revenue $ 87,608 $ 46,330 Expenses Cost of sales 25,088 19,805 Royalties 1,494 884 Exploration 2,121 649 General and administrative 2,820 3,246 Depreciation, depletion and amortization 16,342 10,949 Total operating expenses 47,865 35,533 Other expense Interest expense 91 2,117 Accretion expense 276 228 Other income (1,339) (30) Foreign exchange (gain) loss (691) 1,630 Total other (income) expense (1,663) 3,945 Income before income and mining taxes 41,406 6,852 Income and mining tax expense (4,486) — Net income $ 36,920 $ 6,852

Other Current Assets (Details)

Other Current Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Other Current Assets
Value added tax receivable	$ 624	$ 575
Prepaid expenses	2,219	2,976
Other	7	7
Total other current assets	$ 2,850	$ 3,558

Accounts Payable and Other Ac_3

Accounts Payable and Other Accrued Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Accounts Payable and Other Accrued Liabilities
Accounts payable	$ 330	$ 196
Accrued expenses	1,129	623
Accrued compensation	1,098	587
Total accounts payable and other current liabilities	$ 2,557	$ 1,406

Related-Party Transactions (Det

Related-Party Transactions (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Related-Party Transactions
Related party receivables	$ 630		$ 1,592
LGJV
Related-Party Transactions
Related party receivables	417		$ 833
Revenue from related parties	1,667	$ 0
LGJV \| Consulting and Administrative Services Agreement
Related-Party Transactions
Revenue from related parties	$ 1,250	$ 1,250

Stockholders' Equity - Common S

Stockholders' Equity - Common Stock Transactions and Stock-Based Compensation (Details) - USD ($) $ / shares in Units, $ in Thousands			3 Months Ended
	Aug. 18, 2021	Jul. 19, 2021	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Stockholders' Equity
Common stock, shares authorized			700,000,000		700,000,000
Common stock, par value			$ 0.001		$ 0.001
Preferred stock, shares authorized			50,000,000
Preferred stock, par value			$ 0.001
Proceeds from issuance of shares				$ 1,559
Stock-based compensation expense			$ 1,588	1,139
Stock options
Stockholders' Equity
Stock-based compensation expense			1,448	$ 1,139
Performance Share Unit
Stockholders' Equity
Stock-based compensation expense			$ 140
Over-allotment option
Stockholders' Equity
Price per share	$ 14
Number of shares issued	286,962
Other costs related to stock offering	$ 1,700
Proceeds from issuance of shares	$ 3,837
Follow-on public offering
Stockholders' Equity
Price per share		$ 14
Number of shares issued		8,930,000
Proceeds from issuance of shares		$ 118,894

Stockholders' Equity - Stock Op

Stockholders' Equity - Stock Option Transactions (Details) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Stockholders' Equity
Stock options granted (in shares)	100,000
Stock options
Stockholders' Equity
Value received from exercise of stock options	$ 0	$ 1,559
Weighted average grant date fair value of options per share	$ 5.83
Total unrecognized stock based compensation expense	$ 9,435
Total unrecognized stock based compensation expense, recognition period	2 years

Stockholders' Equity - Stock _2

Stockholders' Equity - Stock option activity (Details) - $ / shares	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2022	Dec. 31, 2020
Shares
Granted	100,000
Stock options
Shares
Outstanding at March 31, 2022		146,796	146,796
Weighted-Average Exercise Price
Granted		$ 10.88	$ 10.88
Stock options \| LGJV
Shares
Outstanding at December 31, 2021	32,393	32,393
Outstanding at March 31, 2022	32,393
Weighted-Average Exercise Price
Outstanding at December 31, 2021	$ 7.31	$ 7.31
Outstanding at March 31, 2022	$ 7.31
Stock options \| Director and Employee
Shares
Granted	100,000
Forfeited	(9,751)
Outstanding at March 31, 2022	5,964,217		5,873,968
Vested at March 31, 2022	3,957,418
Weighted-Average Exercise Price
Granted	$ 10.28
Forfeited	11.62
Outstanding at March 31, 2022	13.07		$ 13.11
Vested at March 31, 2022	$ 14.19

Stockholders' Equity - Performa

Stockholders' Equity - Performance Share Unit Transactions (Details) - Performance Share Unit - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended
	Dec. 17, 2021	Mar. 31, 2022
Stockholders' Equity
Granted	119,790
Weighted average grant date fair value	$ 14.22
Unrecognized compensation expense		$ 1,542
Unrecognized compensation expense expected to be recognized over a weighted-average period		2 years 8 months 12 days

Net Income (Loss) per Share - A

Net Income (Loss) per Share - A Reconciliation of Basic And Diluted Earnings Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Net Income (Loss) per Share
Net income (loss)	$ 18,829	$ (1,620)
Weighted average shares:
Basic	69,162,223	59,318,320
Effect of dilutive awards	146,796
Diluted	69,309,019	59,318,320
Net income per share:
Basic	$ 0.27	$ (0.03)
Diluted	$ 0.27	$ (0.03)

Commitments, Contingencies an_2

Commitments, Contingencies and Guarantees (Details) $ in Thousands						1 Months Ended		3 Months Ended	12 Months Ended
	Jul. 26, 2021 USD ($)	Jun. 30, 2021 payment	Mar. 11, 2021 USD ($)	May 30, 2019 USD ($)	Jan. 23, 2018 USD ($)	May 31, 2019 USD ($)	Jul. 31, 2017 USD ($)	Mar. 31, 2022 USD ($) D	Dec. 31, 2021	Dec. 31, 2018 USD ($)	Dec. 31, 2022 USD ($)
Commitments, Contingencies and Guarantees
Outstanding balance											$ 9,000
LGJV
Commitments, Contingencies and Guarantees
Equity interest in LGJV repurchased			18.50%						18.50%
Ownership percentage	70%		70%
Consideration paid for repurchased equity interest in LGJV			$ 71,550
LGJV \| Term loan
Commitments, Contingencies and Guarantees
Payments for closing fees	$ 10,000
LGJV \| Dowa MPR Loan
Commitments, Contingencies and Guarantees
Capital contribution for repayment of debt						$ 18,200
LGJV \| Equipment loan agreements
Commitments, Contingencies and Guarantees
Outstanding balance								$ 4,059
Unamortized debt discount								$ 10
LGJV \| Dowa \| Term loan
Commitments, Contingencies and Guarantees
Payments for closing fees										$ 4,200
Number of consecutive semi annual equal payments commencing June 30, 2021 \| payment		14
Arrangement fee, percentage of outstanding principal balance considered (as a percent)								70%
Arrangement fee semi-annual payment, number of business days prior to June 30 and December 31 on which installments come due \| D								2
Percentage of excess cash flow used to determine amount of additional payments								70%
LGJV \| Dowa \| Term loan \| LIBOR
Commitments, Contingencies and Guarantees
Basis spread over LIBOR (as a percent)							2.35%
LGJV \| Dowa \| Dowa MPR Loan
Commitments, Contingencies and Guarantees
Maximum borrowing capacity for LGD development					$ 65,700
Capital contribution for repayment of debt						18,200
Remaining principal and interest converted into equity stake in LGJV						$ 50,737
Debt instrument percentage of joint venture loan for which company is responsible					70%
LGJV \| Dowa \| Dowa MPR Loan \| LIBOR
Commitments, Contingencies and Guarantees
Basis spread over LIBOR (as a percent)					1.50%
LGJV \| Dowa \| Working capital facility agreement
Commitments, Contingencies and Guarantees
Maximum borrowing capacity for LGD development				$ 60,000
Arrangement fee (as a percent)				15%
Arrangement fee, percentage of outstanding principal balance considered (as a percent)								70%
Payments on debt			60,000
Company's pro-rata capital contribution			42,000
LGJV \| Dowa \| Working capital facility agreement \| LIBOR
Commitments, Contingencies and Guarantees
Basis spread over LIBOR (as a percent)				3%
Dowa \| LGJV
Commitments, Contingencies and Guarantees
Ownership percentage	30%					48.50%
Increase in equity interest in LGJV through loan conversion						18.50%
LGJV
Commitments, Contingencies and Guarantees
Proven and probable reserves, basis difference			$ 47,400
LGJV \| Dowa \| Term loan
Commitments, Contingencies and Guarantees
Maximum borrowing capacity for LGD development							$ 210,000
Arrangement fee (as a percent)								2%

Debt (Details)

Debt (Details) - USD ($) $ in Thousands			1 Months Ended	3 Months Ended
Debt (Details) - USD ($) $ in Thousands	Jul. 19, 2021	Jul. 12, 2021	Dec. 31, 2022	Mar. 31, 2022	Mar. 07, 2022
Debt
Current balance outstanding			$ 9,000
Unamortized debt issuance cost	$ 442
Interest expense				$ 103
Effective interest rate				3.20%
Decrease in maximum credit limit				$ 50,000
Bank of Montreal \| Upon assessment of the new CLG financial model
Debt
Borrowing capacity					$ 50,000
LIBOR \| Minimum
Debt
Spread on variable rate		3%
LIBOR \| Maximum
Debt
Spread on variable rate		4%
Base Rate \| Minimum
Debt
Spread on variable rate		2%
Base Rate \| Maximum
Debt
Spread on variable rate		3%
Revolving Credit Facility
Debt
Borrowing capacity		$ 50,000
Contingent increase, additional borrowing capacity		$ 100,000
Amount borrowed	$ 13,000
Principal repayment			$ 4,000
Amortization of debt issuance costs				37
Interest paid				102
Revolving Credit Facility \| Bank of Montreal
Debt
Borrowing capacity					$ 30,000
Revolving Credit Facility \| Bank of Montreal \| Upon assessment of the new CLG financial model
Debt
Maximum additional accordion feature				$ 25,000
Revolving Credit Facility \| LIBOR
Debt
Spread on variable rate	3%
Revolving Credit Facility \| Base Rate \| Minimum \| Bank of Montreal \| Upon assessment of the new CLG financial model
Debt
Spread on variable rate				2%
Revolving Credit Facility \| Base Rate \| Maximum \| Bank of Montreal \| Upon assessment of the new CLG financial model
Debt
Spread on variable rate				3%
Revolving Credit Facility \| SOFR rate \| Minimum \| Bank of Montreal \| Upon assessment of the new CLG financial model
Debt
Spread on variable rate				3%
Revolving Credit Facility \| SOFR rate \| Maximum \| Bank of Montreal \| Upon assessment of the new CLG financial model
Debt
Spread on variable rate				4%

Segment Information (Details)

Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended
Segment Information (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Segment Information
Exploration	$ 110	$ 224
General and administrative	6,777	4,853
Amortization	44	7
Arrangement fees		506
Equity (income) loss in affiliates	(24,614)	(2,701)
Net other (income) expense	(1,146)	(1,269)
Total Assets	388,610	265,680	$ 367,111
Mexico
Segment Information
Exploration	110	224
General and administrative	609	154
Equity (income) loss in affiliates	(24,614)	2,701
Net other (income) expense	2	14
Total Assets	98,788	42,197
Corporate
Segment Information
General and administrative	6,168	4,699
Amortization	44	7
Arrangement fees		506
Net other (income) expense	(1,148)	(1,283)
Total Assets	$ 289,822	$ 223,483

Investment in Affiliates (Detai

Investment in Affiliates (Details) - USD ($) $ in Thousands		3 Months Ended			12 Months Ended
Investment in Affiliates (Details) - USD ($) $ in Thousands	Mar. 11, 2021	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021	Dec. 31, 2021
Investment in Affiliate
Company recognized income		$ 24,614		$ 2,701
Carrying value		379,818	$ 355,310		$ 355,310
LGJV
Investment in Affiliate
Company recognized income		$ 24,614		$ 2,701
Net present value basis used to determine fair value		70%
Discount rate		5%
Fair value of the investment			355,310		355,310
Carrying value			406,874		406,874
Impairment charge			51,564
Amount contributed to investee			$ 260,039		$ 260,039
Ownership interest that was repurchased	18.50%				18.50%

Investment in Affiliate - Combi

Investment in Affiliate - Combined Balance Sheets (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021	Dec. 31, 2020
Current Assets
Cash and cash equivalents	$ 5,284	$ 6,616
VAT receivable	624	575
Other current assets	2,850	3,558
Total current assets	8,764	11,766
Non-Current Assets
Total Assets	388,610	367,111	$ 265,680
Owners' Capital
Paidin capital	545,311	543,829
Accumulated deficit	(172,032)	(190,861)
Total shareholders' equity	373,396	353,085	$ 262,141	$ 261,386
Total Liabilities and Shareholders' Equity	388,610	367,111
LGJV
Current Assets
Cash and cash equivalents	41,231	20,280
Receivables	19,396	11,263
Inventories	12,156	11,062
VAT receivable	31,845	46,242
Other current assets	9,434	4,515
Total current assets	114,062	93,362
Non-Current Assets
Mine development, net	232,950	229,076
Property, plant and equipment, net	192,940	190,896
Net deferred tax assets	21,623	9,226
Total noncurrent assets	447,513	429,198
Total Assets	561,575	522,560
Current Liabilities
Accounts payable and accrued liabilities	35,854	33,179
Related party payable	632	1,609
Accrued interest	27	51
Income taxes	9,965	6,315
Equipment loans	3,855	5,534
Unearned Revenue		1,714
Total current liabilities	50,333	48,402
Non-Current Liabilities
Equipment loans	204	478
Lease liability	313
Reclamation obligations	14,982	14,706
Total noncurrent liabilities	15,499	15,184
Owners' Capital
Capital contributions	540,638	540,638
Paidin capital	18,219	18,370
Accumulated deficit	(63,114)	(100,034)
Total shareholders' equity	495,743	458,974
Total Liabilities and Shareholders' Equity	$ 561,575	$ 522,560

Investment in Affiliate - Com_2

Investment in Affiliate - Combined Statement of income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Expenses
Exploration	$ 110	$ 224
General and administrative	6,777	4,853
Total expenses	6,931	5,084
Other expense
Net income (loss)	18,829	(1,620)
LGJV
Investment in Affiliate
Revenue	87,608	46,330
Expenses
Cost of sales	25,088	19,805
Royalties	1,494	884
Exploration	2,121	649
General and administrative	2,820	3,246
Depreciation, depletion and amortization	16,342	10,949
Total expenses	47,865	35,533
Other expense
Interest expense	(91)	(2,117)
Accretion expense	(276)	(228)
Other income	1,339	30
Foreign exchange (gain) loss	691	(1,630)
Total other (income) expense	(1,663)	3,945
Income before income and mining taxes	41,406	6,852
Income and mining tax expense	(4,486)
Net income (loss)	$ 36,920	$ 6,852

Subsequent Events - (Details)

Subsequent Events - (Details) - USD ($) $ in Thousands			1 Months Ended
Subsequent Events - (Details) - USD ($) $ in Thousands	Dec. 19, 2022	Mar. 17, 2022	Nov. 30, 2022	Jul. 31, 2022	Apr. 30, 2022
Dowa
Subsequent Events
Expected construction cost		$ 6,000
Initial payment of construction cost		20,000
Reduction of amount under distribution agreement		10,300
Reduction of dividends		$ 9,700
Subsequent events.
Subsequent Events
Reestablishing credit limit value	$ 50,000
Subsequent events. \| LGJV
Subsequent Events
Amount of dividend paid			$ 20,000	$ 15,000
Payments of dividend after withholding tax			700	525
Dividends received			$ 13,300	$ 9,975
Subsequent events. \| LGJV \| Dowa
Subsequent Events
Amount of dividend paid					$ 20,000
Payment of first dividend					14,000
Payments of dividend before withholding tax					700
Dividend distribution					7,365
Net dividend received					$ 5,935